Eco - Definition

The idea that resources are limited; we don't have an unlimited supply of what we want

• scarcity
• supply
• demand
• inflation

_______________ father of economics, wrote the wealth of nations, and believed in a concept known as the invisible hand. 

• Adam Smith
• David Ricardo
• Thomas Malthus

Scarcity forces people to_____________________

• Make Choices

• satisfy all their wants and needs

• Give up opportunity cost

The study of how individuals make decisions with what resources they have is called�

• Economics
• Utilize
• Biology
• Producers

The study of the economy as a whole and is concerned with large scale economic activity

• Macroeconomics
• Microeconomics
• Statistics
• Numerical Equations

‘Economics is the study of mankind in the ordinary business of life’ . This definition was given by : –

• Adam Smith
• Lord Robbins
•  Alfred Marshall
• Samuelson

The branch of economic theory, that deals with the problem of allocation of resources is 

• Micro Economics
• Macro Economics
• Econometrics
• None of these

Which of the following falls under micro economics ?

• National income
• General price level
• Factor pricing
• National saving and investment

According to Robbins, ‘means’ are

• Scarce
•  Unlimited
• Undefined
• All of these

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs